Dollar Hits 9.5 Dinars as Price Pressure Mounts in Libya

The value of the US dollar has surged to 9.5 Libyan dinars on the parallel market, causing further pressure on foreign exchange and prices in Libya.

According to data from the Central Bank of Libya, foreign currency use exceeded $20bn by the end of August, outstripping oil revenues and royalties of about $15bn.

This leaves a significant gap of roughly $5bn between the two figures, with letters of credit accounting for more than $9bn of total foreign currency use, or almost half of the total amount used.

The rising prices of goods and services are also taking a toll on household budgets, prompting growing calls for salaries to be reviewed and increased to reflect the increasing cost of living.